News
Keystone Wins $80M Judgment Against Host Hotels
After four years of litigation and a five-week trial, a jury has awarded Keystone-Texas Property Holding Corp. a more than $80 million judgment against Host Hotels and Resorts L.P., formerly known as Host Marriott, L.P., as well as its subsidiary HMC Hotel Properties II L.P.
Economy Watch: Good News and Bad in State-by-State Unemployment
More states than not saw unemployment rates increases between January and February 2010, according to the U.S. Bureau of Labor Statistics–30 in all, as well as the District of Columbia, while nine states saw decreases and 11 recorded no change. That’s the bad news.
Strategic Names Morefield as Chief Financial Officer
Chicago-based Strategic Hotels & Resorts, Inc. has named Diane Morefield executive vice president and chief financial officer.
Economy Watch: Investor Bags Helmsley Carlton House for $170M
Private-equity firm Angelo, Gordon & Co. and Extell Development Co. have agreed to buy the Helmsley Carlton House in Manhattan for about $170 million, according to Tuesday’s Wall Street Journal. The Madison Avenue property is currently owned by the estate of the late Leona Helmsley, and sports some of the most expensive retail space anywhere.
Related Tapped to Develop Palm Beach Convention Hotel
Development firm Related Companies, L.P. has been approved by the Palm Beach County Board of County Commissioners to develop the 400-room Palm Beach County Convention Center Hilton hotel in West Palm Beach, Fla.
Lantana Media Campus Gets $85M in Financing
Holliday Fenoglio Fowler, L.P. has arranged $85 million in financing for the Lantana Media Campus in Santa Monica, Calif., which was sold for $200 million in last year’s largest office property deal in Los Angeles County.
Neustar Commits to Entire 100,000-SF Office Building in Suburban D.C.
Vacant since its completion in late 2007, the 92,000-square-foot Ridgetop III office building in Sterling, Va., is empty no more.
Designer of Sears Tower and John Hancock Center Dies
The architect behind two major Chicago landmarks has died. Bruce J. Graham died at age 84 on March 6 at his Florida home, according to a statement from public relations firm SCC Grossman.
Foreign Investor Saves Atlanta’s 800,000-SF Greenbriar Mall from Foreclosure
It happened in the nick of time. With foreclosure proceedings already in the works on Atlanta’s Greenbriar Mall, Atlanta-based owner Hendon Properties L.L.C. has just managed to escape an impending confiscation with the sale of the 809,700-square-foot property to an unidentified foreign investor.
Inland Completes $424M, 3.5 Million SF Acquisition
Inland Real Estate Acquisitions Inc. has completed a $424 million acquisition of 16 shopping centers comprising 3.5 million square feet.